Housing Market Still Affecting Job Growth in January  

For the past few months we have seen an unfortunate trend regarding American job growth in specific areas which was recently reinforced by January’s labor report. The report from January was consistent with the industry’s general performance concerning the past year. There is a direct relationship between the decline of jobs and the slowing housing market.

One example of this can be seen in payroll employment in credit intermediation, which has been consistently declining. Employees that once participated in mortgage lending and related activities are being let go due to subprime mortgage issues. Another industry is affected is construction, which lost 27,000 jobs in January.

In January, employment in professional and business services declined by 11,000.  This is a dramatic difference from December when there was a growth of 70,000 jobs.

Some job markets did not slow in January, including education and health services, which experienced a growth of 47,000 for the month. Some of January’s job losses were partially offset by modest gains in securities and commodities as well.  

The bottom line is that if you are seeking a new job, don’t give up hope. You might just need a fresh, impartial review of your resume or more time to get your credentials in front of the right hiring managers. In any event, there are still jobs to be had, so keep a positive attitude as no employer wants to hire a pessimist.

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